News Story of the Day: For years, investors have been told to diversify their portfolios rather than putting all of your eggs in one basket. Is this common advice even accurate? Jim Rogers, the billionaire investor, says no.
Speaking in an interview with the Economic Times, Rogers noted that investors need to put all of their eggs in one basket and concentrate on certain areas of the market to make money.
Here is what he told the news outlet:
“I know that people are taught to diversify. But diversification is just that’s something that brokers came up with, so they don’t get sued.
“If you want to get rich… You have to concentrate and focus,” he says. “The expression on Wall Street is, don’t put all of your eggs in one basket. Ha! You should put all of your eggs in one basket. But be sure you’ve got the right basket and make sure you watch the basket very, very carefully.
“If you don’t get it right, you’re going to lose everything. But if you get it right, you’re going to get very rich. And, by the way, don’t think it’s easy getting it right. It’s not easy. It takes a lot of insight and work and everything else. But, if you get it right, you’ll be very rich.”
There you go, from the master investor himself. Target a specific area of the market, do your research and place your bets on that investment.
Chart of the Day: here is a seating chart courtesy of Quartz that looks at where the tech CEOs sat at their latest meeting with President-Elect Donad Trump:
Illustration of the Day: the latest narrative created by the mainstream media is that the Russian government hacked the United States election. Despite not sharing this supposed evidence, the media pundits have all now laid the blame on Vladimir Putin for the election of Donald Trump. This is the McCarthy era all over again. The Russians did it! Ostensibly, CNN has garnered concrete evidence for Putin’s hacking of the election:
CNN BREAKING NEWS: CNN has obtained incontrovertible proof that Russia hacked the U.S. 2016 elections #russianhacking pic.twitter.com/OLWeJwcltw
— KGBRussianHacker.357 (@SonofLiberty357) December 11, 2016
Quote of the Day: Facebook has hired a group of so-called independent fact checkers so they can determine what is apparently real news and what is fake news. Although Facebook is a private company and can do whatever it wants, it is quite interesting that the social network is adopting a Ministry of Truth a la George Orwell’s “1984.” It seems “1984” wasn’t just a story but a blueprint for the future. Here are two quotes from the book:
“The Ministry of Peace concerns itself with war, the Ministry of Truth with lies, the Ministry of Love with torture and the Ministry of Plenty with starvation. These contradictions are not accidental, nor do they result from from ordinary hypocrisy: they are deliberate exercises in doublethink.”
“Winston’s greatest pleasure in life was in his work. Most of it was a tedious routine, but included in it there were also jobs so difficult and intricate that you could lose yourself in them as in the depths of a mathematical problem- delicate pieces of forgery in which you had nothing to guide you except your knowledge of the principles of INGSOC and your estimate of what the party wanted you to say.”
It’s terrifying to think about how a lot of what Orwell wrote in “Animal Farm” and “1984” came true.
Video of the Day: if Kentucky Senator Rand Paul didn’t cozy up with the establishment GOP and try to moderate his views, Paul could be sitting in the position that Donald Trump is sitting in right now. In this video, it shows that Paul needs to be more like this and not the GOP-lite version.
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